Mr. Obama used the press conference to try to raise pressure on Republicans to reopen the government and raise the U.S. borrowing limit, which the Treasury Department has said the country will hit sometime this month. If the debt limit isn’t raised, the U.S. won’t be able to pay some of its bills. The president said if the U.S. defaults on its obligations “there would be a significant risk of a very deep recession.”

Some Republicans have said the U.S. will be able to avoid a default by prioritizing some payments without requiring Congress to raise the debt ceiling. Mr. Obama dismissed those suggestions as “irresponsible.”

The president didn’t provide details of the contingency plans his administration was making, but noted that Treasury Secretary Jack Lew was set to appear before a Senate committee Thursday, where he can “address some of the additional details about this.”

Mr. Obama said: “There is no silver bullet. There is no magic wand that allows us to wish away the chaos that could result if, for the first time in our history, we don’t pay our bills on time.”

About Washington Wire

Washington Wire is one of the oldest standing features in American journalism. Since the Wire launched on Sept. 20, 1940, the Journal has offered readers an informal look at the capital. Now online, the Wire provides a succession of glimpses at what’s happening behind hot stories and warnings of what to watch for in the days ahead. The Wire is led by Reid J. Epstein, with contributions from the rest of the bureau. Washington Wire now also includes Think Tank, our home for outside analysis from policy and political thinkers.